200,000 new signups in two days after account sharing ban
High possibility of application to the Korean market from the second half of this year or early next year
[이코노미스트 최영진 기자] It was found that the number of new subscribers has skyrocketed since Netflix implemented account sharing restrictions in earnest in the United States. In the Korean market, Netflix is expected to implement account sharing restrictions as scheduled.
On the 9th (local time), Antenna, a streaming industry analysis company, said, “The number of new subscribers per day for four days since May 23 (the day when the account sharing ban was applied in earnest) recorded the highest number of new subscribers in four and a half years when the data was analyzed. ” he announced. In particular, on May 26 and 27, about 100,000 new subscribers were registered. The number of new subscribers doubled due to the account-sharing ban.
The number of people who canceled their subscriptions after the account-sharing ban was lower than expected. Since May 23, the ratio of cancellations to new subscriptions has increased by 25.6% from the previous 60 days.
As of June 9, Netflix stock price recorded $425.90 during the intraday, writing a record for 52 weeks. Shares soared 20% in the 12 trading days since May 23, when the account-sharing ban was announced.
On May 23 (local time), Netflix announced on its official blog, “From today, we plan to send emails to users who are sharing services with people outside the household. It is recommended that you double-check the device on which the account is registered and delete it if you do not have permission.” If you want to share your account with other users, you have to pay an additional $7.99 per month (about 10,500 won).
Only Standard ($15.49 per month) and Premium ($19.99 per month) subscribers can share accounts, which allow one and two additional users, respectively.
Netflix announced plans to gradually implement it in other countries, starting with the United States. Although no specific schedule has been announced yet, it is highly expected that the ban on account sharing will be implemented in the second half of this year or early 2024 in South Korea.
The antipathy of Korean consumers turned out to be great. The Korea Press Foundation announced the results of an online survey of 1,000 Netflix users in March. According to the survey, 72.7% of respondents rated the account sharing restrictions negatively. 33% of respondents said they would “stop using Netflix” if account sharing restrictions were implemented, with 35.5% saying “I will continue using it.” Only 8.9% of respondents said, “I will continue to share my account with residents of other addresses for an additional fee.”
ⓒThe Economist (“Economic News for Tomorrow” Unauthorized copying and redistribution prohibited)
2023-06-10 05:01:00
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